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G20 officials seek $100B windfall in tax crackdown on Big Tech
EU is most likely prepping for digital war against US, China: Former Romanian trade minister
Former Romanian Trade Minister Ilan Laufer says the European Union’s proposed rules on artificial intelligence will be bad for the U.S. economy and global markets.
Leading world economies must show unity in dealing with aggressive “tax optimization” by global digital giants like Google, Amazon and Facebook, G20 officials said on Saturday.
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Global rules are being developed by the Organisation for Economic Cooperation and Development (OECD) to make digital companies pay tax where they do business, rather than where they register subsidiaries. The OECD says this could boost national tax revenues by a total of $100 billion a year.
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The call for unity appeared mainly directed at the United States, home to the biggest tech companies, in an attempt to head off any stalling on the rules until after the U.S. presidential election in November.